6-Unit Apartment
For Sale
$2,170,000
7070 N MONTANA Ave, Portland, OR 97217
MultiFamily, Portland, OR
Property Size6,792 SF
Lot Size0.12 Acres
Price / SF$319.49
Days on Market559
Property Features for 7070 N MONTANA Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 8, Bedroom 5, Bathroom 4, Bedroom 1, Bedroom 2, Bedroom 10, Bathroom 2, Bedroom 6, Bathroom 3, Bedroom 11, Bathroom 5, Bedroom 3, Bedroom 7, Bedroom 9, Bedroom 12, Bedroom 4, Bathroom 1, Bathroom 6
Subdivision
ARBOR LODGE
Elementary school
Chief Joseph
Middle school
Ockley Green
High school
Roosevelt
Directions
From I-5 N, take exit 304, L (east) on N Rosa Parks, R on N Montana
Standard status
Active
APN
R704085
Size
6,792 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
GOOD MORNING ADD, BLOCK 15, N 1/2 OF LOT 5, LOT 6
Tax Annual Amount
21300
Legal Description
GOOD MORNING ADD, BLOCK 15, N 1/2 OF LOT 5, LOT 6
Utilities
Cooling system
ENERGY STAR Qualified Equipment
Amenities
washer/dryer in unit
built-in dishwasher & microwave
tankless water heater
mini-split heat & AC
secure front door and gate entries
attached decks
front patios
backyard space
ADA-compliant unit
Building Details
Year built
2019
Floors in Building
3
Number of units
6
Roof type
Composition
Listing Agency:
Keller Williams Sunset Corridor · Keller Williams Realty
(503) 270-5700
Listed By:
Taya Mower · License #200709135
(503) 481-6252
Added: Feb 22, 2025
Changed: Sep 4
Last Checked: Sep 4 at 7:06PM
MLS# 382442110
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 2019, this 6-unit apartment property contains 6,792 square feet on 0.12 acres and is currently 100% occupied. The building includes energy-efficient appliances, quartz and marble finishes, luxury vinyl plank flooring, built-in dishwashers and microwaves, and washer and dryer sets in every unit. Heating and cooling are provided by Daikin mini-split systems, with a Navien tankless water heater serving the property. Select residences offer attached decks, while ground-level units 101 and 102 include front patios and backyard space. One unit is ADA-compliant, and entry is secured at both the front door and gate.
The property is located at 7070 N MONTANA Ave in Portland’s Arbor Lodge area, with access to the MAX Yellow Line and major transit routes. Nearby destinations identified for the property include the University of Portland, Adidas headquarters, Peninsula Park, the Kenton District, and New Seasons Market. Zoning is designated Multi.
The property is located at 7070 N MONTANA Ave in Portland’s Arbor Lodge area, with access to the MAX Yellow Line and major transit routes. Nearby destinations identified for the property include the University of Portland, Adidas headquarters, Peninsula Park, the Kenton District, and New Seasons Market. Zoning is designated Multi.
Key Highlights
- 6‑unit apartment property with 6,792 square feet on 0.12 acres
- Built in 2019 and 100% occupied
- Every unit includes a washer and dryer, dishwasher, microwave, and Daikin mini‑split heat & AC
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$87,209
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,744,180
$1.7M
Cap Rate 7%
$1,245,843
$1.2M
Cap Rate 9%
$968,989
$969.0K
Market Conditions
NOI Build-Up for 6,792 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$167.1K $24.60/SF
− Vacancy
−$8.5K −$1.25/SF
EGI
$158.6K $23.35/SF
− OpEx
−$71.4K −$10.51/SF
NOI
$87.2K $12.84/SF
Area
Portland, OR
Vacancy
5.10%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,744,180
Cap Rate 7%
$1,245,843
Cap Rate 9%
$968,989
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.45M
NOI $87,209 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,515 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
734
Businesses Nearby
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Newer multifamily construction with full occupancy, private outdoor areas, and in-unit laundry throughout.
Where is this apartment building located?
The property is located at 7070 N MONTANA Ave Portland, OR.
What is the asking price?
The asking price for this property is $2,170,000.
What are key features of this property?
This property features: 6‑unit apartment property with 6,792 square feet on 0.12 acres; Built in 2019 and 100% occupied; Every unit includes a washer and dryer, dishwasher, microwave, and Daikin mini‑split heat & AC
